damoonmotamedi
Long

SPY - Major trendline Break Out!

AMEX:SPY   SPDR S&P 500
133 3 1
SPY             finally broke out of down sloping trendline that capped the market for a year.
This is a major move and has potential upside to double top!
Trade closed manually
do u mean 2ND breakout ?
and on to the upper downtrend
Reply
Hey G13Man,
I believe the trendline should be based on previous tops and not the "fake break out" which happened on 20 of April.
There is another major resistance at $210.90~211.40. If we climb higher, we should see $213.00 before mid June.
And "I also think should not trust the market and have a tight stop!"
+1 Reply
G13Man damoonmotamedi
yea , i a always agree with a stop ,
trailing stops are one of my favs
and tight stops to prevent loss or hold on to gains are tops also
hope ur day is profitable !
Reply
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